If you have employees, chances are you owe them a certain amount of wages at the end of an accounting period. If so, an adjusting entry is required in your general journal.
 |
As an example, on December 31, 2009 you owe your employees one week of salary that will be paid on January 8, 2010. The gross wages for that week are $1,512.00. Make the following general journal entry:
|
|
|
Debit |
Credit |
| Wages expense |
1,512 |
|
| Accrued wages |
|
1,512 |
| To accrue wages owed but unpaid on 12/31/2009 |